New Delhi: Minister of Petroleum and Natural Gas and Steel Shri Dharmendra Pradhan today held a telecall with HE Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and President & CEO Qatar Petroleum on promoting Qatari investments in the entire energy value chain in India. This was a follow-up to Hon’ble…
Due to the uncertainty that COVID-19 was going to have on the global economy in general, and crude oil specifically, West Texas Intermediate (WTI) front-month futures contracts closed at a negative price in April 2020. WTI represents the price for future delivery of a barrel of WTI crude oil. Since June 2020, WTI front-month…
Oil in London climbed above $50 a barrel for the first time since the pandemic ground the global economy to a halt in a remarkable rally that few predicted would happen this soon. Global benchmark futures surged 2.8% Thursday, reaching a nine-month high. The rebound represents a startling turnaround for a market…
The oil-producing subsidiary of Russian state gas giant Gazprom, Gazprom Neft, has announced that it plans to launch a fourth well at the Sarqala field in Iraq’s semi-autonomous region of Kurdistan (KRI) in the first half of 2021. Not only will this consolidate its own foothold in the KRI but it will also…
New Delhi: Oil major BP has expanded a renewable energy supply deal with Amazon.com Inc to power the U.S. e-commerce giant’s operations and Amazon Web Services in Europe, the British company said on Thursday. The company said it would supply Amazon with an additional 404 megawatts of wind power in Europe, starting…
BRUSSELS, The European Union is planning to restrict its funding for natural gas projects because of the risk they pose to the bloc’s climate goals, according to draft rules seen by Reuters. The “TEN-E” rules define which cross-border energy projects can be labelled “Projects of Common Interest” (PCI), meaning they can receive…
U.S. crude oil stockpiles last week surged the most since April, jumping more than 15 million barrels, as imports rose and exports plunged, the Energy Information Administration said on Wednesday. The unexpected supply build and record rise in net imports stunned the oil market, which has been weighed down by low demand due to…
BRUSSELS, European Union leaders are set to agree sanctions on Turkish individuals on Thursday over a energy exploration dispute with Greece and Cyprus, but will postpone any harsher steps until March, according to a new draft summit statement. Shying away from a threat made in October to consider wider economic measures, EU…
The Trump administration on Thursday will hold a sale of oil and gas leases on federal land in California for the first time in eight years despite widespread opposition to the auction in the Democratic state, including from its governor. The U.S. Bureau of Land Management will offer seven parcels covering 4,100…
Gauhati High Court has stayed the environmental clearance accorded to energy major Oil India Limited for exploration and drilling for hydrocarbons at seven locations in Dibru Saikhowa National Park spread over Dibrugarh and Tinsukia districts in Upper Assam. Acting on a public interest litigation plea filed by advocate Mrinmoy Khataniar and mountaineer…
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